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After falling by 32 percent in last two weeks, Emaar's stock price gained 15 percentage points again last Thursday.

The boundary between grandeur and kitsch becomes blurred here, halfway up the Burj Dubai, the world's tallest tower.

Security guards quickly remind anyone who comes too close to the construction site of the meaning of the word "unauthorized." Those who are invited to tour the building, or even just the grounds, are required to sign a non-disclosure agreement, the terms of which are to be obey "finally, irrevocably and unconditionally." Anyone who violates the terms can expect to face a judge in Dubai.

All of this will apply for only a little more than two weeks, until Jan.

The US bank Morgan Stanley predicts another drastic increase in the debt restructuring needs of Dubai's government-related firms to double the current level, or about billion.

"Within a year, Dubai went from being the best-performing real estate market to one of the world's worst," writes the International Herald Tribune.